Remittance up by 4.23% in Dec
Remittance inflow to the country has increased by 4.23% year-on-year to $1.7 billion in December last year, according to the Bangladesh Bank data.
The country received $1.63 billion from overseas workers in December 2021.
Besides, a 2.48% year-on-year growth in remittance earnings has been reported in the first six months of the current fiscal.
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The country received $10.49 billion from July to December against $10.24 billion for the same period of the previous fiscal.
Industry insiders said offshore earnings have dropped slightly and trading in hundi, an illegal way of sending foreign earnings, has gone up after the Association of Bankers, Bangladesh and Bangladesh Foreign Exchange Dealers' Association fixed the exchange rate for remittance last year.
They said the popularity of hundi would not dry up unless the government puts an end to money laundering through over invoicing and under invoicing.
It is not possible to increase remittance as long as the demand for hundi is in place, they observed.
They said the government and the central bank need to be more strict to help increase remittance.
